OEM Design Award

RNS Number : 9364V

Seeing Machines Limited

27 July 2018

 

Seeing Machines Limited

OEM Design Award

27 July 2018

Seeing Machines (AIM: SEE, "Seeing Machines" or the "Group"), the advanced computer vision technology company that designs AI powered operator monitoring systems to improve transport safety, has secured a further program design win, working with a major Tier 1 partner, for a Chinese OEM to deliver the Group's Driver Monitoring System (DMS) technology.  

Mass production is scheduled from 2019 and the technology will be delivered on Seeing Machines' proprietary FOVIO Chip. The Group's ability to deliver its DMS technology on the FOVIO Chip broadens its addressable market considerably, particularly given the timeframes in which OEMs are beginning to implement semi-automated driving technology and incorporating DMS to enhance safety.

The estimated lifetime revenue value of this program is more than A$10m based on initial models included in the agreement. The first material production revenue is expected to be recognised in Seeing Machines' 2020 financial year.

This design win underpins Seeing Machines' global leadership position in DMS technology and brings the Group's automotive customer base to six global Tier 1s and five OEMs, with numerous new vehicle models launching in the 2019-2022 timeframe.

Seeing Machines' FOVIO driver monitoring platform uses advanced machine vision technology to precisely measure and analyse head pose, eyelid movements and eye-gaze under a full spectrum of demanding lighting conditions, including through sunglasses.

This data is processed to deliver real-time information on driver attention state, focus, drowsiness and impairment levels. DMS (driver monitoring system) technology is typically used to enable intelligent ADAS (advanced driver assistance systems) and semi-autonomous driving systems as well as enabling advanced new display, safety and convenience features.

Nick DiFiore, GM of Automotive at Seeing Machines, commented:

"This latest design win is further evidence of the rising demand for Seeing Machines' DMS technology and recognition of the key role it can play in improving transport safety. The deal brings our sixth customer from the automotive sector, illustrating continued strong momentum in the business.

"We are delighted that this OEM program will be delivered on the Seeing Machines FOVIO Chip, thereby reinforcing the Group's ability to supply its DMS technology across a wide spectrum of global automotive customers rapidly and at reduced incremental cost."

Enquiries:

Seeing Machines Limited www.seeingmachines.com	[phone]
Ken Kroeger, Executive Chairman & CEO Sophie Nicoll, VP Marketing & Communications
Cenkos Securities plc (Nominated Adviser and Joint Broker) Neil McDonald/Beth McKiernan/Pete Lynch	[phone]
Canaccord Genuity Limited (Joint Broker)	[phone]
Simon Bridges/Richard Andrews/Alexander Napier
Instinctif Partners	[phone]
Kay Larsen/Chantal Woolcock/Adrian Duffield

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

About Seeing Machines

Seeing Machines (LSE: SEE), a global company headquartered in Australia, is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company's machine learning vision platform has the know-how to deliver real-time understanding of drivers through Artificial Intelligence (AI) analysis of heads, faces and eyes. This insight enables Driver Monitoring Systems (DMS), which monitor driver/operator attention and can identify drowsiness and distraction across multiple transport sectors.

Seeing Machines develops DMS for the Automotive, Commercial Fleet, Aviation, Rail and Off-Road markets. The Company has offices in Australia, USA, Europe and Asia, and delivers multi-platform solutions ranging from embedded software and processors to aftermarket system and service solutions to industry leaders in each vertical.

DMS is now considered a core safety technology for the Automotive industry, particularly with the development of semi-autonomous and self-driving cars. DMS is also increasingly seen to be an integral safety feature across the Commercial Transport & Logistics industry globally. www.seeingmachines.com 

 

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